China: Housing demand recovering but not retail sales

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ITTO/Fordaq
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China's housing market crashed in the first quarter of 2020 due to the impact of the corona virus lockdown but began a recovery in April which continued steadily into May.

Data from the National Bureau of Statistics shows that house prices firmed in most of the major cities in May. In Beijing, Shanghai, Shenzhen and Guangzhou May new home prices rose almost 1% month-on-month.

In the ‘second and third-tier’ cities prices rose but by a little less than in the main cities. In May, prices of pre-owned home in the main cities rose just over 1% month-on-month and increases were reported in the second and third tier cities.

The National Bureau of Statistics press release on real estate sales up to May says investments in housing developments continued to grow but were still slightly down year on year. 

The other positive news is that retail sales are continuing to grow from the low in the first months of this year but May sales are still down around 3% year on year. The home furnishings retail sector has been badly impacted and year on year May sales of home furnishings were down over 17%. 

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